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Cortendo Prepares for IPO

Cortendo PLC has filed an F-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $86.25 million. The company plans to list on the Nasdaq Global Market under the symbol SBBP.

This is a biopharmaceutical company focused on the development, in-licensing, acquisition and eventual commercialization of multiple complementary products and product candidates within franchises that target rare diseases. Its primary focus has been to build a rare endocrine franchise, which includes product candidates for the treatment of endogenous Cushing’s syndrome and acromegaly, two rare diseases with a high unmet need for innovative treatment options.

Considering the well-identified and concentrated prescriber base addressing target markets, the company believes it can use a small, focused sales force to effectively market its products, if approved, in the United States, the European Union and other key global markets. Cortendo believes that its ability to execute on this strategy is enhanced by the significant clinical development and commercial experience of key members of its management team.

Cortendo also intends to identify and in-license or acquire products or product candidates that would be complementary to its existing rare endocrine franchise or that would form the basis for new rare disease franchises.

In pursuit of our growth strategy, we have raised over $70 million since December 2014 from leading life sciences investors, including RA Capital, New Enterprise Associates, Broadfin Capital, HealthCap, Longwood Capital, TVM Capital and Granite Point Capital. Leveraging this capital and our experience in sourcing, selecting, in-licensing and acquiring product candidates, we were successful in augmenting our rare endocrine franchise by adding COR-004 and COR-005 to our product pipeline. We believe that these clinical product candidates, if successful, will benefit from significant development and commercial synergies with our lead product candidate, COR-003, because both Cushing’s disease and acromegaly are typically caused by benign pituitary tumors and are mainly treated by pituitary endocrinologists.

The company intends to use the net proceeds from this offering to develop its pipeline, as well as for working capital and general corporate purposes.